Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business...
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Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business purchased $6000 inventory from the Bestdeal Inc. Term'2/5, n/60 FOB. 2. Feb2, Business paid $250 delivery charges for the Febt Inventory purchase. 3. Feb4, business bought $7,500 inventory from Flanton Ltd. Term 1/10, n/30 FOB 4. Feb10, business paid the money owing to Bestdeal Inc. 5. Feb12, busines return $1200 inventory purchased from Flanton due to the defective product issues 6. Feb14 business bought $5000 inventory from QS-One inc. paid in cash 7. Feb17, business paid in full for the owing to Flanton Ltd 8. If the business did not pay Flanton Ltd on Feb17, instead, the business paid in full to Flanton on Feb 14, what entry should be recorded? Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Feb1, Business purchased $6000 inventory from the Bestdeal Inc. Term'2/5, n/60 FOB. 2. Feb2, Business paid $250 delivery charges for the Febt Inventory purchase. 3. Feb4, business bought $7,500 inventory from Flanton Ltd. Term 1/10, n/30 FOB 4. Feb10, business paid the money owing to Bestdeal Inc. 5. Feb12, busines return $1200 inventory purchased from Flanton due to the defective product issues 6. Feb14 business bought $5000 inventory from QS-One inc. paid in cash 7. Feb17, business paid in full for the owing to Flanton Ltd 8. If the business did not pay Flanton Ltd on Feb17, instead, the business paid in full to Flanton on Feb 14, what entry should be recorded?
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Journal entries Date General Journal Debit Credit Feb 1 Merchan... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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